This may seem like a weird question. I want to know if this is a viable strategy. I live in a populated area with an income of around 130k/yr. I have cheap rent, with a bit of extra cash. I was looking at houses in the area I grew up in and they are really cheap. They range from 100k-200k and I'm talking like 1500+ square feet. Is it possible to purchases a house that you would live 5 hrs away and just rent it out? I wouldn't be purchasing it 100%, but putting a down payment on it. Meanwhile I'll be renting in an apartment in the area I live in. Is this worth it?
Edit: It looks like the payments on a 30 year mortgage would be around $400-600 which is easily affordable if my expenses stay the same/continue to get raises. So if there are periods where I don't have renters, it's just another small payment.
Submitted July 14, 2018 at 07:33PM by gotnikes https://ift.tt/2NSHY0D
